Oil futures declined and U.S. stock indexes rose despite fears Iran will close the Strait of Hormuz, a key waterway for transporting oil around the world.

Tanker operators in the Strait of Hormuz are facing higher shipping and insurance costs, despite a drop in oil prices, as investors wait to see what happens to the world’s most important crude chokepoint after the U.

If Iran moves to blockade the Strait of Hormuz, prices could spike, but analysts see that scenario as unlikely for now.

Oil prices surged, stocks dropped and investors flocked to safe havens like gold on Friday after tensions between Israel and Iran escalated, stoking concerns of a broader conflict in the region.

The initial round of Israeli attacks sent oil prices 7 percent higher on Friday. Still, at about $74 a barrel, Brent crude remains below the $80 average for 2024, the Deutsche Bank analysts wrote. The market continued to waver, though, and by Monday, oil prices had fallen about 3 percent.

Oil prices were mixed on Friday, after the White House delayed a decision on potential US intervention in the Iran-Israel conflict. Despite the volati